Fortis acquires Alberta and BC electric utilities for $1.47 billion

On May 31, 2004, Fortis Inc., a diversified, international electric utility holding company, completed its purchase of Aquila, Inc.'s Alberta electric distribution utility (now FortisAlberta Inc.) and British Columbia integrated generation, transmission and distribution utility (now FortisBC Inc.) for aggregate consideration of $1.47 billion. The acquisition was financed in part with committed credit facilities totalling $1.25 billion provided to Fortis Inc. by a syndicate of lenders led by The Bank of Nova Scotia. 

The banking syndicate was represented by Fasken Martineau, with a team that included John Torrey and David Johnson.